18 May 2012 13:01 [Source: ICIS news]
LONDON (ICIS)--Tronox Incorporated's first-quarter net income increased sharply year on year to $86.3m (€68.2m) on improved margins, higher sales and prices, the US titanium dioxide (Ti02) producer said on Friday.
The net income figure is not directly comparable to last year’s first quarter, as Tronox emerged from bankruptcy on 14 February 2011 when it applied fresh-start accounting.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in the first quarter of 2012 were up by 64% to $151.4m, Tronox said.
This excluded transaction-related costs and other non-recurring costs.
Net sales for the first three months of 2012 were $433.6m compared to $267.1m in the two months of February and March 2011.
“Our results reflect excellent performance in a TiO2 market that had not yet fully recovered," said chairman and CEO Tom Casey.
“Even in the face of widespread destocking and headwinds in Europe and ?xml:namespace>
($1 = €0.79)
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